Ben Jacobs
@bennypjacobs
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GP @sceniuscapital | Partner @NetworkMedici
Los Angeles, CA
Joined October 2016
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Through Scenius Capital, I’ve invested in 12 crypto funds and done diligence on over 300 blockchain venture funds and liquid token hedge funds.
Here are my 5 biggest takeaways on crypto fund investing 👇
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A year ago today I quit my traditional tech start-up job and went full-time crypto.
One of the best decisions of my life 1/n 🧵
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Life is pretty fucking dope when you take a chance on yourself and have support from awesome people. Go all in on crypto. You won’t regret it.
Cheers to another incredible year 🍻
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How to get involved in a DAO? Show up in a Discord and raise your hand to help. DAO expertise or crypto knowledge isn't necessary. Your efforts will be rewarded 🚀
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In one tweet thread, it is hard to account for all nuance regarding the 5 takeaways above.
Happy to double click into any specific topic, fund, or strategy if there is interest. We should all be striving to level up as LPs, GPs, and builders.
DMs are open!
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1⃣ Being early to innovation is only half the battle. Due to the advent of liquid tokens, crypto-native venture capital funds need to know how to trade and manage risk like hedge funds do.
DPI is all that matters at the end of the day.
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Wow. Didn't realize that many people cared about crypto fund dynamics and the asset mgmt ecosystem! Will start sharing more on Twitter.
My DMs are actually open now. Always happy to chat funds, strategies, portfolio construction, etc 💪
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I’ve spoken to over 150+ VC funds over the last year and one thing is abundantly clear.
The best venture investors (like the best founders) have sharp opinions on what the future looks like.
They’ve spent enough time sourcing information, talking to teams, and thinking deeply…
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My time in crypto has allowed me to get involved in so many incredible projects/communities. Moonwalkers fam,
@brtmoments
,
@squiggledao
,
@KrauseHouseDAO
,
@FWBtweets
, cryptopunks and
@banklessdao
. The talent, innovation, and opportunity in crypto is 🤯
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The Nouns community is a glorious petri dish of experiments and novel internet-native innovation.
I'm not even a
@nounsdao
holder but am indefinitely bullish on this community
introducing
persistent pseudonyms for nouners to communicate from
and what we believe is a precursor to the future of naming on Ethereum (and eventually the internet) as a whole
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World changing communities will come through
@seedclubhq
and the $CLUB token launch is only the start. Big things coming 🌱💪
Seed Club is an incubator for web3 communities.
After three cohorts, it’s time for the next chapter.
Next week, we’re welcoming $CLUB to the world🌱
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DAOs represent a restructuring of how human’s organize themselves to solve hard problems for the benefit of humanity. Hard problem to solve = tremendous opportunity. Buckle up
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At this point, I got in contact with
@OKDunc
,
@bramanathan
, and
@thattallguy
. Three friends, mentors, and shamans who guided me to the cutting edge of social crypto.
“When the student is ready, the teacher(s) will appear”
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Drum roll please.…🥁
I’m thrilled to announce the release of your new favorite weekly podcast: Scenius Studio.
As a crypto dedicated fund-of-funds manager at
@sceniuscapital
, I have the unique opportunity to speak daily with the brightest investors in the blockchain space 🧵
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Market neutral (MN) HFs are closing down due to alpha decay and the lack of allocator interest. Is it worth it to endure the inherent risks with crypto MN strategies when T-Bills are offering 5%? This is the segment where I’ve seen the most funds close the last 12 months.
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5⃣ Let’s end on a positive note. The current environment is reminiscent of 2018/2019 where the top quartile of crypto venture funds had 10.43x TVPI, 5.62x DPI, and IRR of 115+%. The risk/return potential has in fact never been better.
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We are no longer “early”. In reality, crypto has been de-risked as the industry matures yet valuations are significantly compressed and crypto winter sentiment is apathetic at best. Below are reasons to be excited about our current place in the cycle.
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Shout out to the amazing friends/teachers I’ve had along the way:
@thattallguy
@mybellalogica
@bramanathan
@OKDunc
@alexxzzhang
@DHannum8
@seth
@patrickxrivera
@lwsnbaker
@Cooopahtroopa
@Flynnjamm
@insideNiMA
@keighstone
@DinchThe
@punk7642
@levionaire
@flexxchapman
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🚨 Scenius Studio (Episode
#2
)
In the second episode of Scenius Studio, I sit down with
@sbmckeon
Managing Partner of
@Collab_Currency
If you love
@squiggleDAO
,
@TheLAOOfficial
,
@artblocks_io
,
@gmoneyNFT
, or
@9dccxyz
then this is the episode for you
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In the early months of COVID while cooped up and eating a disturbing amount of frozen EVOL bowls, I started digging into DeFi and saw the first true product-market fit outside of BTC/ETH investing.
@AaveAave
,
@Uniswap
,
@synthetix_io
blew my mind.
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Proud to be part of the
@seedclubhq
team. Tokenized communities are the future. Stay tuned for BIG things to come 👀🌱
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Operate/manage risk: Don't forget '22. Custody, cash controls, and counterparty risks must be taken seriously. Robust operational procedures is an edge and is table stakes from institutional allocators in this frigid fundraising environment. This should be the case for HFs & VCs
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2⃣ Crypto’s market cap is small and as a result alpha decay is very prevalent.
LPs in search of alpha should be weary of funds who have raised excess capital into what should be capacity-constrained strategies. The allure of management fees is tough to resist.
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Yield farming, staking, 1,000+% APYs, Yams, Sushi, airdrops, liquidity provisioning, impermanent loss, etc, etc.
Definitely didn’t learn anything about the complexities of 🦍’ing into DeFi protocols as part of my econ major but I was hooked.
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On July 2nd, 2021, I was voted via a DAO proposal to officially join
@seedclubhq
as Facilitator and Core Contributor 🌱🚀.
Web3 tools and tokens give communities superpowers and Seed Club will be at the tip of the spear of the migration from Web2 → Web3
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Holy shit. Thank you
@Space_Shibas
. Keep shaking the tree in crypto and big things happen!!!!!
Proud owner of CryptoPunk
#8226
The winner of CryptoPunk
#8226
has been selected...
Congratulations to
@Bennypjacobs
! This CryptoPunk now has a new home 🎊🏆
As promised, Space Shibas will be given away to entrants intermittently throughout the week, keep an eye out for those giveaways and more coming soon 🌌
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3. Infrastructure and scaling solutions are in place for next wave of adoption (e.g. L2s, App-chains, ZK, security, etc)
4. An immense wealth transfer from Boomers to Millenials. 46% of millennials own crypto vs. 8% of boomers. By 2030, millennials will hold 5x as much wealth
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New Scenius Studio episode just dropped 🧠🎙️
This episode I chat with
@jonmoore202
and
@gaby_goldberg
@tcg_crypto
At TCG, Gaby and Jon invest in web3 consumer applications and related infrastructure. Tune in for insights into the application layer, mobile, wallets, and more 👇
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Trade: VC funds must have protocols and systems in place to manage a book of liquid tokens. What price targets will a fund exit different percentages of its investment? Can a liquid token position be hedged? What does liquidity look like/how can the position be exited?
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VCs with large AUM deploying at the early stages will generate beta returns. To deploy significant amounts of capital you either need to be putting in overly large checks into competitive seed/series A rounds, spraying & praying, or allocating to liquid tokens (ETH/BTC/SOL).
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On the HF side, market-neutral/arb funds relied on retail participation to execute their strategies. With retail washed out, low liquidity, low volatility, few trust worthy CEXs, and nascent on-chain trading tools/platforms these strategies are struggling to generate returns
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“Capital is the enemy of returns”. It is a brutal fundraising environment for funds right now but those LPs that are able to put money to work will be rewarded in the long-run.
Just make sure you know which funds to pick and what your objectives are 😉
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Portugal…
Anyone have any tips/people to chat with about golden visa, RE investing, etc?
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I’ve been investing, researching, and lurking in crypto since 2015.
Since my indoctrination into the church of crypto, I’ve been obsessed with the space but (ignorantly) never saw it as anything other than a side-hustle/hobby.
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After many conversations with
@thattallguy
, I was enamored with the vision for
@seedclubhq
and the rise of DAOs as a revolutionary organizational construct to capture and deliver value via a global network.
If you don’t think that is an inspiring mission then, sorry, but ngmi
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On August 20th, 2020, I said “adios” to my cushy tech job and pushed my chips to go all in on crypto. I didn’t know where I was going but I knew I needed to fully tumble down the esteemed crypto
@rabbithole_gg
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New Scenius Studio episode just dropped 🎙️🧠
This episode I chat with Evgeny Gokhberg, Founder and CIO of
@Re7Capital
Evgeny is a DeFi power user and re7 represents one of the most sophisticated on-chain funds in the world.
Tune in for insights into the future of DeFi 👇
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VCs have longer fund lives and marks are generated infrequently as opposed to monthly NAV with HFs. These two facts give the illusion of better performance to hedge funds but sophisticated LPs know that this is a farce. The rubber will hit the road...
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Long-biased HFs often have high water marks (HWM) set from 2021. They are not receiving performance fees on existing capital until they are able to set a new HWM. In the meantime, they are struggling to raise and cash-strapped LP are redeeming amid weak performance in 2022/2023.
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I had a sense that the crypto pipe dream of becoming a true force within the global economy was... actually going to happen.
I needed to devote all of my time and energy to capture this generational opportunity.
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3⃣ Most funds fail (or will die slowly)
The feedback cycle for hedge funds is much faster than venture funds.
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Market Neutral/Low Beta + Yield Farm + Smart-beta: No lock up, monthly redemptions. Open-ended
Protocol/Token exclusive venture fund: 3 year investment period, 7-8 year life. Closed-ended
Equity + Tokens VC fund: 3 year investment period, 10 year life. Closed-ended
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1. Increasing regulatory clarity with global acceptance and integration (e.g. MiCA, Stablecoins in UK, Ripple ruling, etc)
2. Leading institutions and corporates continue to adopt blockchain and digital assets (e.g. Blackrock BTC Spot ETF, PYUSD, Visa using Solana, etc)
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Shortly after quitting, I started reading about NFTs, social tokens, Web3, & DAOs.
I thought to myself “Sweet baby Jesus, wtf is going on here and how do I get involved??”
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🚨 Scenius Studio (Episode
#14
)
In this episode I chat with Regan Bozman (
@reganbozman
), Co-Founder of
@lattice_fund
.
In just a few years Lattice has become known as a top early-stage fund with deep expertise in growth and go-to market strategies 🧵
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Seed Club town hall live right now in the Discord. If you want to learn how to get involved with
@seedclubhq
hop on in. Water is warm and bubbly.
LFG
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In addition to Seed Club, my brother, best friend, and I launched Scenius Capital: a digital asset hedge fund of funds.
We currently have 30 LPs with $5mm AUM. Scenius democratizes access to premier crypto asset managers and I’m proud of the solution we’ve built for investors.
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New Scenius Studio episode just dropped 🧠🎙️
This week I chat with
@Arthur_0x
, Founder of
@DeFianceCapital
Arthur is a DeFi OG with a track record of early home run bets. Arthur is now leading DeFiance as the firm executes on its liquid venture thesis👇
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I just thought about my old corporate cubicle life in a fluorescent lit stale office and a cold shiver went down my spine 🥶
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4⃣Fund structure matters.
Venture/privates focused funds in open-ended HF structures may offer GPs flexibility (commingling of privates and liquids) at the detriment of LPs. Capital gains with no distributions. Long lock ups. Slow redemptions. Funky side pocket exposure.
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While there are exceptions and the crypto asset mgmt industry is evolving, the following fund structures are standard
Directional + Long/Short: 1 year lock up, quarterly redemptions. Open-ended
Long-Only/liquid venture: 2 year lock up (max), quarterly redemptions. Open-ended
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when these VCs that deployed too quickly in 2021 & 2022 go out to raise a subsequent fund and have minimal TVPI or DPI to show. The established, elite players will raise smaller funds and the middle of the pack funds will struggle to raise at all.
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🚨 Scenius Studio (Episode
#10
)
In this episode I chat with Kelvin Koh (
@SpartanBlack_1
), Managing Partner of
@TheSpartanGroup
.
This conversation packs a punch with Kelvin sharing insights into current trends and frameworks for investing in crypto 👇
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Which fund type or strategy you should choose ultimately depends on your investment objectives. What is your timeline? What is your risk appetite? How are you categorizing this allocation? Answers to these questions is imperative before you start sourcing or diligencing managers.
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Let's gooooo. Applications open next week 👀🧠🌱
Applications for SC05 open 🎉 AUGUST 1🎉
Which projects are you most excited about?
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And also shout out to my fiancé Taylor and pup Otis for putting up with my incessant preaching (ie. screaming) of the crypto gospel.
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My Mom is somehow probably 15 of these fans but nonetheless thank you to all the Scenius Studio super fans out there!
For anyone interested in crypto VC Funds or Hedge Funds this is the pod for you.
New ep dropping soon 🚀
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Scenius was featured in a write-up on Hedgeweek entitled “Risk Management and thoughtful regulation key to digital assets revival”
Check out the interview where I touch on our business' growth drivers as well as challenges and opportunities within the crypto asset management…
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“What kids do for fun today will be the creator jobs of tomorrow” -
@ljin18
Amazing quote and conversation during the
@seedclubhq
Creator x Crypto summit
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@KrauseHouseDAO
is an example of a DAO that has done a fantastic job of bringing basketball fans into web3.
Their web2 --> web3 converts are incredibly devoted to the Krause House mission.
@flexxchapman
and
@thycommodore
understand that bridging communities breeds longevity.
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New Scenius Studio episode just dropped 🎙️🧠
This episode I chat with
@RennickPalley
, Founding Partner of
@stratosxyz
Rennick is known for his research of blockchain infrastructure which he integrates into his equity research background
Stratos’ thought leadership into value…
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PUMPED to jam out with
@humptycalderon
and the
@banklessDAO
Join
@humptycalderon
in the Bankless DAO members-only stage for another thrilling
#CryptoSapiens
event with
@bennypjacobs
from
@seedclubhq
, a DAO that builds, supports and invests in tokenized communities.
Aug 17, 17:00 UTC
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New Scenius Studio episode just dropped 🧠🎙️
This episode I chat with Anand Iyer (
@ai
), Founder of
@CanonicalCrypto
Beyond having an elite twitter handle,
@ai
is one of the most thoughtful crypto investors focusing on the future of AI x blockchain and web3 developer tooling 👇
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Hat tip to
@vaneckpk
for showing me Parcl. New markets being formed right in front of our eyes
I have been max shorting Chicago for the past 3 months on
This is the only platform where you can enter directional positions on entire cities
Only Possible On Solana
Sorry if you are from Chi Town
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Every crypto VC I've spoken to in the new year has stated that the quality of idea, team, and traction at the seed stage has gone up meaningfully post-FTX.
The 2023 and 2024 vintages are going to be legendary.
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🚨 Scenius Studio (Episode
#5
)
In the fifth episode of Scenius Studio, I sit down with
@delitzer
of
@nascentxyz
.
This episode is jam-packed with insights and alpha. If you aren't aware of DeFi 3.0,
@ajnafi
,
@MorphoLabs
, or
@rwa_xyz
listen up 🎧
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Happy to announce that Esteereum, the first animal (??) sold as an on-chain NFT, has been saved from the meat grinder!
The Cow DAO (
@breezy_m361
@0xModene
@dfmerin
) voted to transfer 1/4 ownership to
@KZ_UTAustin
in exchange for providing a home for Estereeum at their ranch.
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🚨 Scenius Studio (Episode
#7
)
In this episode, I chat with Richard Galvin (
@richwgalvin
), CEO of Digital Asset Capital Management (DACM)
@DigiAssetFund
.
Richard is an investing legend with loads of battle-tested insights 👇
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🚨 Scenius Studio (Episode
#31
) 🧠🎙️
In this episode, I sit down with
@AlexLangeVC
Founding Partner of
@inflectionxyz
based out of Berlin.
Prior to launching Inflection Alex held roles at Google and Index Ventures where he leveraged his technical acumen and deep understanding…
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In the electric, inaugural episode, I have a conversation with two close friends of mine and true investor giga-brains:
@insideNiMA
and
@antavedissian
of Seed Club Ventures
@seedclubvc
.
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🚨 Scenius Studio (Episode
#13
)
In this episode I chat with Joyce Yang (
@JoyceInNYC
), Founder of
@Globalcoinrsrch
.
GCR is a vibrant research and investing DAO with over $40 million of investments including
@SuiNetwork
&
@MagicEden
🧵
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Buckle up and put on your Ben Franklin spectacles baby,
#web3
is about to win the
@Sothebys
auction for the U.S. Constitution.
@ConstitutionDAO
(📜, 📜)
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🚨 Scenius Studio (Episode
#6
)
In the sixth episode of Scenius Studio, I sit down with Hal Press, Founder of
@NorthRockLP
.
Loads of evergreen H-alpha in today's show 👇
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"Claude, please pass me my cucumber collins. The sun is tanning me just right and I don't want to move."
@Poolsuite
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Billion dollar communities sooner than you think 🧠
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New Scenius Studio episode just dropped 🧠🎙️
This episode I chat with Evan Fisher (
@evanbfish
), Founder and General Partner of
@Portalventures
.
Evan brings a clasically trained finance and venture background to protocol investing 👇
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For my youngest i give thee a squiggle
our wills are going to be so bizarre.
To my son, I bequeath a jpeg of an ape. To claim, go to rainbow dot me and enter the phrase "jump tiger run harvest moon elephant split hop leaf car" when prompted.
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🚨 Scenius Studio (Episode
#11
)
In this episode I chat with Jeff Dorman (
@jdorman81
), Co-Founder and CIO of
@arca
.
Jeff's pragmatic perspective paired with his willingness to dive deep into protocols & token economics is impressive & differentiated👇
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🚨 Scenius Studio (Episode
#32
) 🎙️🧠
In this episode, I sit down with Adam Benayoun (
@adambn
) Founder and General Partner of
@ColliderVC
. Collider is Israel’s preeminent blockchain-dedicated venture capital fund.
Over the last five years, Adam has been investing in the asset…
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▬▬ι═══════ﺤ
SC06: The Event
@seedclubhq
☾’/☽
When you were partying,
I studied The List.
When you were having
premarital sex,
I mastered The List.
And now that the world is on fire
and the barbarians are at the gate
you have the audacity to come to me for The List?
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New Scenius Studio episode just dropped 🧠🎙️
This week I chat with the electric
@joemccann
of
@goasymmetric
Joe is highly technical with a deep understanding of technical trading and market structure
His insights on running a crypto fund are profound👇
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You never forget the individual(s) who took the time to teach you crypto.
- How to buy bitcoin
- How to set up a wallet
- How to buy tokens on a DEX
Taking the high-touch approach to bridge people to web3 is time-intensive but always worth it in the long run.
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Nothing more gratifying than turning on the crypto lightbulb 💡 for those not aware of the tidal wave of innovation about to change everything. Once you see the light it’s hard to look away
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Happy thanksgiving to all those shilling the crypto gospel at the dinner table tonight 🦃
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Bird scooters had the OG airdrop.
Show up to a city unannounced and boom 500 scooters on every street corner
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🚨 Scenius Studio (Episode
#9
)
In this episode I chat with Jake Brukhman (
@jbrukh
), Founder and CEO of
@coinfund_io
.
Jake has a track record of being early to emerging crypto trends and has built CoinFund into an institutional-grade investment firm 👇
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When opportunity knocks…get ready peeps 👀👀
The best way to learn about DAOs is to work in a DAO.
We've got something cooking
@seedclubhq
.
Block your schedule this Friday, 10am PT to hear details and learn more 🤫
RSVP here
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🚨 Scenius Studio (Episode
#12
)
In this episode I chat with
@BalderBomans
, CIO of
@Maven11Capital
based out of Amsterdam.
Maven11 was early to the modular blockchain thesis and DeFi with successful bets in
@CelestiaOrg
,
@fuel_network
, &
@maplefinance
👇
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Bon voyage to the paper hands exiting/doubting crypto over the last few months. Incredible work is being executed on right now without all the noise.
When the products being built now reach the masses in the next bull market the crypto rocket will have reached escape velocity.
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Getting closer and closer. Just a matter of time 🏀
An exclusive behind-the-scenes look at how we almost became minority owners of the Phoenix Suns:
🧵👇
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The next Seed Club accelerator cohort is beyond electric. These communities will push the boundaries of what is possible in Web3. Can't wait to get started 🌱
We're excited to announce the participants of the 3rd cohort of our accelerator.
With 80+ applications we were blown away by the quality of projects and teams, a testament to the progress our industry is making.
Our token holders ultimately selected the following 15 projects 👇
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Awesome thread from
@evanbfish
building on some of the topics discussed during this edition of Scenius Studio
1/ Enjoyed sitting down with Ben to discuss why I launched
@PortalVentures
, how we underwrite protocols as a business model, and themes we're excited about 👇
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